Wall street slips and oil on the skids, and now, a new paper by the Wall Street Journal shows that the nation's largest banks have also paid millions in taxes without doing any serious accounting to see if the money saved from avoiding taxes actually trickled down to consumers and businesses.

Banks owe at least $9,000 per individual taxpayer for every dollar they pay out in capital gains taxes each year, which they are legally allowed to pay no more than 15 percent. The Journal found in a search of public tax records, a small group of top financial-services firms (including the largest bank in the United States) paid at least $26 million in capital gains taxes on just more than $2 billion in income. In 2013, those tax breaks included nearly $15 billion in mortgage-backed securities and a slew of other assets held by these financial institutions. If they hadn't done so, those taxpayers would have owed $23.4 billion in capital gains taxes on $6.2 billion in income, the paper said.

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"This year's Wall Street titans were able to save $21 billion on capital gains taxes over the course of 2015, but only because they were able to avoid paying nearly $26 billion," the paper wrote. "In 2016, the tax break might be gone entirely, as the average taxpayer loses $7 billion, or more than 1/5 of his taxable earnings." The paper added:

According to an analysis by the Federal Reserve Bank of Cleveland, if the companies hadn't been able to shift billions of dollars into the tax haven nest egg, the average American would have to pay about $24.9 billion more in tax over a three-year span, about half the amount he or she would pay if the companies had actually gone into the tax haven.

In practice, corporations in these tax havens are not only avoiding paying their fair share of taxes, but making investments that benefit Wall Street and other large corporations at the expense of average taxpayers. As the Journal notes, many banks do not report their tax-dodging activities to tax authorities when their investments are in foreign tax shelters like the Cayman Islands or Bermuda. And as The New York Times wrote in October, this tax avoidance practice "has the potential to undermine U.S. tax competitiveness and undermine its fiscal health."

So what exactly is going on here? Does this paper actually show that corporate tax dodging is responsible for the economic turmoil that some claim is gripping the world in America? Not quite, as the fact the paper chose not to publish the whole report for fear of political damage will do nothing to diminish its impact. Nevertheless, the public should be worried and, if they don't buy into Wall Street's argument that its profit-seeking tax breaks are the only reason why thing
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